Signs of stability in China’s economic management

SHAFAKNA TURKEY. While key figures in China’s economic leadership have maintained their positions, the fact that the country’s economic leadership has remained in power has given confidence to the markets.

The Chinese administration has shown stability by reassigning existing names in a series of reassignment decisions announced on Sunday.

It was announced that the chairman of the People’s Bank of China (PBOC) Yi Gang and the ministers of finance and trade will continue their duties. He Lifen, who is close to Chinese President Xi Jinping, was appointed as Deputy Prime Minister, and it was expected that Liu He could be appointed as the country’s top economic official.

These decisions, taken at the annual meeting of the National People’s Congress, came as a surprise, as much more ambitious changes were expected.

Many officials with international experience, such as the president of the People’s Bank of China, were expected to be replaced by those with closer personal ties to Xi but less familiar with global investors.

Vanguard Group Inc. “Retaining the core technocrats will give market confidence and reduce the chances of policy missteps,” said Qian Wang, an Asia Pacific economist.

boomberg